Arrangements for electricity procurement vary in how they match electricity production from natural sources with usage. The IASB identified that applying the own-use exemption in IFRS 9 to such arrangements posed certain challenges. This prompted narrow-scope...
The International Accounting Standards Board (IASB) published IFRS 19 Subsidiaries Without Public Accountability: Disclosures (‘IFRS 19’) in May 2024. This standard provides relief for subsidiaries without public accountability whose parent companies...
As the importance of climate-related commitments grows in the corporate sector, questions arise regarding their accounting treatment under IFRS. The IFRS Interpretations Committee (IFRIC) received a submission requesting clarification on how IAS 37 applies to...
IFRS 3 Business Combinations (‘IFRS 3’) governs how entities account for the acquisition of businesses. One element of this is identifying the consideration paid for the acquired business. The IFRS Interpretations Committee (‘IFRIC’) recently issued a decision...
In May 2024, the International Accounting Standards Board (IASB) amended IFRS 9 Financial Instruments (‘IFRS 9’). The amendments, among other things, address the classification and measurement of financial assets with contingent features in their...
The IASB published IFRS 18 Primary Financial Statements (‘IFRS 18’) in April 2024. This standard replaces IAS 1, the current standard for presenting financial statements. Entities must apply IFRS 18 to annual reporting periods beginning on or after 1 January...